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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2014
FAIR VALUE MEASUREMENTS [Abstract]  
Financial assets and liabilities measured at fair value on a recurring basis
Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013 are summarized below:

(in thousands)
          
 
 
Description
 
As of
December 31, 2014
  
 
 
Level 1
  
 
 
Level 2
  
 
 
Level 3
  
 
Total Gains
(Losses)
 
Liabilities:
          
Derivative liability- preferred stock
 
$
-
  
$
-
  
$
-
  
$
-
  
$
23,110,000
 
 
(in thousands)
                    

 
 
Description
 
As of
December 31, 2013
  
 
 
Level 1
  
 
 
Level 2
  
 
 
Level 3
  
 
Total Gains
(Losses)
 
Liabilities:
Derivative liability-
          
warrants
 
$
-
  
$
-
  
$
-
  
$
-
  
$
271
 
preferred stock
 
$
1,190
  
$
-
  
$
-
  
$
1,190
  
$
8,010